As a 100% online lender, the ‘yard’ in Yard home loans is more virtual than real. That’s because Yard’s whole MO is to provide home loans for the ‘digital generation.’
Founded by finance expert Nathan Gooley, Yard was set up in 2017. The minds behind this online home loan lender are keen to use the latest technology to make pricing simpler and the overall experience more smooth sailing for Aussies.
Founder Nathan Gooley says, “We help people purchase or refinance their property, offer loans for renovations, as well as ground up construction. We also provide bridging loans to those who need to buy before going through the process of selling an existing property.”
What kind of home loans do Yard offer?
Yard offers principal and interest and five-year interest only home loans for refinancers, investors and owner-occupiers.
With Yard’s home loans, borrowers can opt for either a lower variable interest rate or choose to play it safe with a fixed rate for 1, 2, 3 or 5 years.
Plus if you’re a first time borrower struggling to save up a 20% deposit for the home of your dreams, you might be interested to hear that with Yard’s home loans you could potentially borrow up to 95% of the value, meaning you might be able to get your foot through the door with a deposit as little as 5%.
Of course with any deposit less than 20% you will have to pay Lenders Mortgage Insurance, that is unless you have a family member who is willing to act as a guarantor for you.